For Robert Wander, CFP and owner of Wander Financial Services, the employee-benefit consulting half of his practice informs the other, financial planning, half.
"Working in the benefits area is a big help when reviewing that aspect of a client's financial plan, which is often an important piece of their situation," he said.
This is especially true during clients' fall enrollment periods, when they need to make choices about health insurance, supplemental disability, supplemental life insurance, flexible spending plans, health savings accounts and 401(k) plans.
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"They can give me access to all the information, and I'll guide them as to what elections to make," Wander said. "Many clients are not taking full advantage of what's being offered to them, especially with HSAs and flexible spending accounts—they tend to overlook these options because they don't understand them."
Wander said his expertise allows him to integrate all these benefits into the client's whole financial picture and to be more thorough. Furthermore, if clients retire or are between jobs, they still need his help to deal with benefit options.